First Community Management

First Community Management lacks very fundamental function of property manager - accurate and complete financial statements. FCM does not provide balance sheet and cash flows. Without balance sheet, owners cannot find out liabilities or assets. This is more problematic because FCM refuses to provide monthly financial statements to owners.

Bob Langjahr has never informed of any liabilities to owners. I found out on court record that there was $32, 000 lawyer fees in order to collect $3, 500 unpaid assessment. Bob Langjahr and the lawyer claimed legal expenses to collect unpaid assessment are paid by owners. However, the court/judge did not approve unconscionable $32, 000 legal fees. Therefore, this $32, 000 became condo association's liabilities. And this liabilities are hidden because FCM does not provide balance sheets to owners.

Reserve is the same. I have asked status of reserve which Bob Langjahr refused to respond. One day other owners emailed that my condo building was about to be sold to a developer. Although I was extremely dissatisfied with property manager, I did not believe this extreme step at first. But Bob Langjahr indeed prepared presentation meeting by K. in order to sell the building to developer. Bob Langjahr sent out a memo that how low our reserve status was, and this was first time I found out status of reserve. I also found out FCM move out funds between reserve fund and operating fund repeatedly.

Several owners asked who initiated and contacted K. to sell our building; Bob Langjahr and K. representative responded while they were communicating, they had this idea of selling our condo building to developer.

Owners also asked Bob Langjahr whether FCM receives any benefit. Bob Langjahr with huge smile responded he and FCM just sacrifice their annual property manager fees over $30, 000 for our owners' sake. I previously emailed whether there is any potential profits by FCM, FCM made a lawyer (who is paid by our condo association) to respond: there is no "finder's fee." no finder fee? what else?

What they have concealed was the management agreement states $150/hr for FCM in addition to regular property management fees for any extra works.
When I asked condo documents, Bob Langjahr made the lawyer to respond $750 must be paid in advance, and $750 was Bob Langjahr's $150/hr fee for extra work. The management agreement also requires $150/hr including travel time for property manager to attend board meeting.